VANCOUVER, Sept. 25, 2018 /CNW/ - Surge Exploration Inc.
("the Company" or "Surge") (TSXV: SUR) (OTC: SURJF) (FRA: DJ5C) is
pleased to announce the proposed 2018 and 2019 Exploration Programs
for its Teledyne Cobalt & Glencore Bucke Properties located in
Ontario Canada situated in Bucke
& Lorraine Townships, 6 km east-northeast of Cobalt, Ontario. After recent discussions with
its geological team and US Corporate Advisor, Wellington Shields
& Co., it was determined that an additional 5,500 m of drilling was needed to work towards
the completion of a NI 43-101 resource estimate on the properties.
This work will commence starting October
1st, 2018.
Alongside the proposed drilling program, a proposed exploration
program will also involve surface exploration work which includes
geological mapping and prospecting that is recommended to further
evaluate the geological potential of each cobalt property.
Management believes that potential remains on the Glencore Bucke
Property for the discovery of parallel mineralized zones to that of
the Northwest and Main zones, and west of the Teledyne Main Zone on
the Teledyne Cobalt Property.
Drilling Plan: Glencore Bucke Cobalt Property
A two-phase diamond drilling program of up to 4,000 m (13,123 ft.) has been planned by Surge to
continue to test the mineralization along strike of the Northwest
and Main zones, with the intent of completing a NI 43-101 resource
estimate upon its completion, as well as testing any other targets
that may be generated from the surface mapping and prospecting
programs.
Drilling Plan: Teledyne Cobalt Property
A two-phase drilling program of up to 1,500 m (4,921 ft.) has been planned to extend
the known mineralization on the Main Zone and follow up on targets
generated from the Phase 2 surface exploration program.
The proposed multi-phase diamond drilling programs follow up the
successful completion of the Teledyne & Glencore Bucke Phase 1
diamond drilling programs during the fall of 2017. Here, a combined
32 diamond drill holes totaling over 4,100
m (13,451 ft.) of drilling was completed.
Historical Work Completed
Glencore Bucke Property
In 1981, Teledyne Canada Ltd., completed 36 diamond drill holes
totaling 10,903 ft (3323.3 m) on the
Property, and delineated two mineralized zones, named the Main Zone
and Northwest Zone, measuring 500 ft (152.4
m) and 200 ft (70.0 m) in
length respectively (Bresee, 1982). Based on the surface drill
program completed by Teledyne, historical reserves of 60,000 tons
in the geologically inferred category, and 15,000 tons in the
probable category, at an average grade of 0.45% Co, 3.0 oz/t Ag was
estimated (Linn, 1983).
Teledyne Property
From 1979 through to 1980, Teledyne Canada Ltd., completed 6
surface diamond drill holes and 22 underground diamond drills for
an aggregate of 3,160.8 m (10,370
ft.) on the Teledyne Cobalt Property. Based on the surface and
underground diamond drill programs, historical reserves of 60,000
tons in the geologically inferred category, and 40,000 tons in the
probable category, at an average grade of 0.45% Co, 0.6 oz/t Ag was
estimated (Linn, 1983).
It should be noted that the reserve estimates above are
historical estimates as defined by National Instrument 43-101. The
historical reserve estimates contain categories that are not
consistent with current CIM definitions. A qualified person has not
done sufficient work to classify the historical estimate as current
mineral resources or mineral reserves. No attempt was made to
reconcile the historical reserve calculations as reported by
Teledyne Canada Ltd.. Surge is not treating the historical reserve
estimate as a current mineral resource or mineral
reserve.
Mr. Tim Fernback, President &
CEO of Surge comments "Following up on a successful Phase 1
exploration program at both Glencore Bucke and Teledyne, Surge and
its partners, have prepared additional drilling exploration
programs on both properties with the intent to complete a NI 43-101
resource estimation on both properties. We are very excited about
commencing our multi-phase phase diamond drilling on both the
Teledyne and Glencore Bucke properties on October 1st this year."
Qualified Person
The technical content of this news release has been reviewed and
approved Joerg Kleinboeck, P.Geo., an independent consulting
geologist and a qualified person as defined in NI 43-101.
About Wellington Shields & Co.
Wellington Shields is a registered full-service broker dealer
and long standing member of the New York Stock Exchange ("NYSE").
The origins of Wellington Shields & Co. LLC date back to 1925.
We are a full-service financial firm providing comprehensive
financial advice and superior service to the individual and
institutional investor. Wellington Shields & Co. LLC,
headquartered in New York, serves
clients through a network of professionals in offices throughout
the East Coast of the United
States. We are members of the NYSE, National Association of
Securities Dealers ("NASD"), Financial Industry Regulatory
Authority ("FINRA"), and the Securities Investor Protection
Corporation ("SIPC").
Wellington Shields has a corporate focus on wealth preservation,
minimizing taxes, and providing superior service and their core
services include investment advisory, investment banking,
brokerage, mutual funds, research, and insurance.
About Surge Exploration Inc.
The Company is a Canadian-based mineral exploration company
which has been active in the resource sector in British Columbia and elsewhere in Canada. The Company has an exploration office
in Santiago, Chile to review
mineral exploration opportunities in Chile and elsewhere in South America.
Cobalt Ontario Properties
The Company has an option to earn an undivided 60% interest in
the Glencore Bucke Property and the Teledyne Property, located in
Cobalt Ontario.
Atacama Cobalto Project:
The Atacama Cobalto Project is located in the Atacama Province
in northern Chile, 15 km northwest
of the town of Copiapó, where mining is the largest economic
activity, and the mining industry is one of the region's major
employers. The Atacama Cobalto Project consists of 1,059 hectares
and is located only 3 km East of the Cerro Iman Mine. To date, CAP
Minería has drilled over 20,250 m on
the Atacama Coblato Project. The option on this project is subject
to TSXV approval.
Hedge Hog Property, British
Columbia
The Company has an option to earn an undivided 60% interest
seven mineral tenure covering 2,418 hectares (5,972 acres) located
approximately 80 km northeast of the town of Quesnel, BC and 20 km north of the historic
gold mining towns of Wells and Barkerville.
On Behalf of the Board of Directors
"Tim
Fernback"
Tim Fernback
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain forward‐looking statements which
include, but are not limited to, comments that involve future
events and conditions, which are subject to various risks and
uncertainties. Except for statements of historical facts, comments
that address resource potential, upcoming work programs, geological
interpretations, receipt and security of mineral property titles,
availability of funds, and others are forward‐looking.
Forward‐looking statements are not guarantees of future performance
and actual results may vary materially from those statements.
General business conditions are factors that could cause actual
results to vary materially from forward‐looking statements.
SOURCE Surge Exploration Inc.